The Impact of Social Media and Emotional Intelligence on Investment Decision: A Fuzzy Set Delphi Study Among Investors in Thailand's Stock Market

The economic condition of Thailand and the rate of return observed on the stock exchange of Thailand (SET) surpasses the profits generated through savings. This has resulted in SET gaining popularity among individuals seeking a substantial rate of return. Understanding the elements investors consider when investing in Thailand's stock exchange is crucial due to its increasing popularity. This research utilizes a second-order confirmatory factor analysis (CFA) method to examine the impact of social media and emotional intelligence on investors' investment decisions in Thailand's stock market. The research method employed a combination of qualitative and quantitative data collection and analysis. Step 1 involved qualitative research utilizing the e-fuzzy set Delphi technique, which entailed sending an online questionnaire to 19 experts. The questionnaire included both open-ended and closed- ended questions on a 7-point scale. Step 2 involved conducting quantitative research using simple random sampling. To gather information from investors in SET, 600 investors were surveyed. It was found that emotional intelligence, social media, risk perception, and financial literacy influence investors' investment decisions in SET, respectively. This research will provide new insights into the impact of social media and emotional intelligence on investors' decision-making in Thailand's stock market.